The appeal challenges the National Company Law Tribunal (NCLT) order from May 25, 2022, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, Amrapali La-Residentia Flat Buyers Welfare Association, represents flat buyers of the LA-Residentia project developed by La Residentia Developers Pvt. Ltd. (the Corporate Debtor). The Corporate Debtor was admitted into CIRP based on an application by Singhal Pipes Pvt. Ltd., an Operational Creditor, for a default of Rs. 28,07,764. The appellant argues that the Adjudicating Authority (NCLT) should not have admitted the Section 9 application due to ongoing business relations and payments made between the Corporate Debtor and Operational Creditor, and directions from the
…Amrapali La-Residentia Flat Buyers Welfare Association filed an appeal against the order of the National Company Law Tribunal (NCLT) which initiated Corporate Insolvency Resolution Process (CIRP) against La Residentia Developers Pvt. Ltd. based on an application filed by Singhal Pipes Pvt. Ltd., an Operational Creditor, for a default of Rs. 28,07,764. The Greater Noida Industrial Development Authority (GNIDA) had executed a Lease Deed with the Corporate Debtor in 2011. The Supreme Court, in a related Writ Petition, had directed a forensic audit of the Amrapali Group of Companies, noting the siphoning of funds invested by flat buyers. The Corporate Debtor filed an application to set aside the ex-parte order admitting the Section 9 application, which was dismissed. The
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Greater Noida Industrial Development Authority…
The Hon'ble Supreme Court of India heard a Writ…
The appeal challenges the National Company Law Tribunal (NCLT) order from May 25, 2022, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, Amrapali La-Residentia Flat Buyers Welfare Association, represents flat buyers of the LA-Residentia project developed by La Residentia Developers Pvt. Ltd. (the Corporate Debtor). The Corporate Debtor was admitted into CIRP based on an application by Singhal Pipes Pvt. Ltd., an Operational Creditor, for a default of Rs. 28,07,764. The appellant argues that the Adjudicating Authority (NCLT) should not have admitted the Section 9 application due to ongoing business relations and payments made between the Corporate Debtor and Operational Creditor, and directions from the
…Amrapali La-Residentia Flat Buyers Welfare Association filed an appeal against the order of the National Company Law Tribunal (NCLT) which initiated Corporate Insolvency Resolution Process (CIRP) against La Residentia Developers Pvt. Ltd. based on an application filed by Singhal Pipes Pvt. Ltd., an Operational Creditor, for a default of Rs. 28,07,764. The Greater Noida Industrial Development Authority (GNIDA) had executed a Lease Deed with the Corporate Debtor in 2011. The Supreme Court, in a related Writ Petition, had directed a forensic audit of the Amrapali Group of Companies, noting the siphoning of funds invested by flat buyers. The Corporate Debtor filed an application to set aside the ex-parte order admitting the Section 9 application, which was dismissed. The
…Greater Noida Industrial Development Authority…
The Hon'ble Supreme Court of India heard a Writ…